Over 1 in 4 UK consumers hit by card fraud in past 5 years

UK consumers are the hardest hit by card fraud of any country in Europe after one in four citizens admitted to being affected by the crime over the past five years.

ACI Worldwide’s 2014 Global Fraud Report found that despite overall fraud dropping six per cent compared to 2012, card fraud is on the up with 28 per cent confirming they had been victims of fraud of this nature.

In addition to this, 41 per cent of UK consumers stated they are “very concerned” about identity theft and the same percentage professed to being “very concerned” about becoming a victim of a data breach that would see account numbers pilfered by fraudsters.

“Consumers are increasingly concerned about fraud, and are losing confidence on a variety of levels,” said Mike Braatz, senior vice president, Payments Risk Management Solutions, ACI Worldwide. “They are unsure that their financial institutions can protect them against fraud; they use replacement cards less often due to a loss of confidence in the card or card issuer, after experiencing fraud; and post-fraud, they often change providers or their cards go to back of wallet. This has immediate and long-term implications on customer loyalty, revenue and fee income.”

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Even though the above concerns were expressed, 15 per cent of UK consumers still throw documents in the bin, nine per cent shop online without any security software and 16 per cent leave their smartphone unlocked.

Across the globe figures showed that the United Arab Emirates has the highest rate of fraud overall at 44 per cent with China and the US following it with 42 per cent and 41 per cent respectively.

The risky behaviour present above was also in evidence elsewhere in the world with 49 per cent of those across the globe exhibiting at least one risky behaviour that puts them at a higher risk of financial fraud.

18 per cent of those surveyed also admitted they lack confidence in their financial institution and doubt that it can protect them from fraud. ACI’s Global Fraud Report is made up of a study of over 6,000 consumers in 20 countries across the world.